Project Update: VeChain (VET) the trust-free and distributed business ecosystem
Basics
Vechain is a trust-free, complete and distributed business ecosystem based on the blockchain technology.
It focuses on variety of different solutions for different markets including liquor, luxury goods, retail, agriculture and logistics. Scope wise the project is huge with plenty of different solutions incorporated.
Usage wise Vechain combines blockchain, IoT (Internet of Things) devices, unique IDs and NFCs (near field communication) for comprehensive blockchain based ecosystem.
Tokens and usage
Vechain uses two token system VET and THOR POWER. The closest comparison would be NEO/GAS.
The function of the VET is to serve as the smart payment currency, to enable rapid value circulation within the ecosystem based on the VeChain Blockchain
On the other hand, the THOR Power represents the underlying cost of using the VeChain Blockchain and will be consumed (proportionally burnt) after certain blockchain operations are performed, such as transferring VET and executing smart contracts.
Recent News
Vechain is constantly providing news. The recent updates are:
L28 is a branded premium meat supplier in Western Australia and it has joined hands with VeChain to develop a meat traceability solution. This comes after earlier news of partnership with Walmart China where 23 product lines have been tested and launched on the Vechain Platform making blockchain usage in supermarkets a reality.
VeChain Foundation has recently announced a VET buyback plan worth up to $25M performed in 12months an open market starting this month for $5 - according to the published address they are using Binance and OceanX and already bought around 0.5M worth.
AMA
The team recently has performed an AMA:
team is trying to expand to the US market, apparently DNV-GL has been working with US healthcare providers on some projects
also working hard on US regulations
is not against being listed on more exchanges but doesn't see it as priority
team wants to add more perks for current X node holders
more partnerships are still underway and are being worked on
Walmart China has invested a lot (100M+) to build their supply chain infrastructure
the increase in mainnet activity is not solely from Walmart China
Availability and price
VET is currently available on all of the main exchanges:
OceanX (59%), LATOKEN (21%) Binance (8%). Also on BitMart, HitBTC, Huobi, LBank, Bitfinex and many more.
ETH is the most popular pairing, also paired with USDT, BTC and many more.
Current price as of 25th of July is around $0.006 with VET being ranked on 31stplace in terms of the market capitalisation and market cap of $334M
Around 55B out of 86B of the tokens is in the circulation. This means 64% are in circulation.
Since the VEN to VET conversion Vechain has been struggling with price.
It did go up in price since December but lost when compared to Bitcoin.
How is it doing?
Vechain is doing steady progress and is still not in top 30 projects in terms of the valuation.
It is one of the few projects already used in real life situation (Walmart and others) which is visible through mainnet activity. On top of that the significant partnerships should ensure even more future use cases.
We have projects like Bitcoin SV/Gold, ETC, NEM that are ahead. We don't know whether it's because they are overvalued or Vechain undervalued but in terms of progress and potential I think VET should be between EOS and TRON.
VET is my third biggest holding currently.